Listed office landlord AMP New Zealand Office Trust has reported a loss of $17.4 million for the nine months to March, due to downgrades in the value of its portfolio.
The result is better than the $122.5 million it lost in the same period a year ago.
Excluding revaluations and other changes due to accounting rules, the Trust made an underlying profit of $47 million, an increase of 12% on the same period a year ago.
Rental revenue rose 5% to $105 million, while asset management and interest costs fell.
The Trust's gearing ratio stood at 21.7%, which it says is one of the lowest in the Australasian listed property market.